The Joint Stock Company "Unified Accumulative Pension Fund" continues to work actively to recover bad debts resulting from default on pension assets.
Recall that the UAPF has been carrying out this work since the transfer of pension assets from private accumulative pension funds to the UAPF. At the time of completion of the transfer of pension assets to the UAPF in 2014, there were 32 problem issuers in the Fund and their debt amounted to KZT 161.45 billion at face value.
As of August 2020, UAPF is working to recover debts in relation to the remaining 19 issuers who defaulted. These 19 problem issuers can be roughly divided into the following groups:
Issuers subject to the rehabilitation procedure
(JSC "Rosa", JSC "Kazakhstan Kagazy" and JSC "Imstalkon"). There are 3 issuers in total.
The amount of debt of these issuers at par - KZT15.80 bn.
Issuers in respect of which claim work / enforcement proceedings are being carried out (Alternative Finance JSC, REMIX-R JSC, Kazneftekhim JSC, Astana-Nedvizhimost JSC, Building Materials and Structures Complex-2 LLP, JSC Ornek XXI, JSC Mineral Resources of Central Asia, JSC TEMA Ko, JSC HOMEBROKER, JSC Turt-Edyk Mining and Processing Plant, APK-Invest Corporation LLP, Holding JSC Kazexportastyk "). There are 12 issuers in total. The amount of debt for this group at par is KZT 13.03 billion.
Issuers subject to bankruptcy / compulsory liquidation (Valut-Tranzit-Bank JSC, GLOTUR JSC, Qazaq Banki JSC, Eximbank Kazakhstan JSC). There are 4 issuers in total. The amount of debt of this group of issuers at par is 17.5 billion tenge.
Thus, as of August 2020, the total amount of debt (at the expense of pension assets) for the above 19 problem issuers is 46.33 billion tenge, at par, and taking into account the debt of JSC “Holding“ Kazexportastyk ”for the payment of coupon interest in the amount of 5.8 billion tenge, the total amount of debt will be 52.13 billion tenge.
Note that as of July 31, 2020, the total amount of the debt on pension assets repaid to the UAPF amounted to 23.634 billion tenge. Including:
in 2014-2016 - 1.475 billion tenge,
in 2017 - 1.249 billion tenge,
in 2018 - 14.853 billion tenge,
in 2019 - 4.507 billion tenge,
In total for seven months of 2020 - 1.55 billion tenge, which came from:
Abdi Company JSC - KZT 188.42 mln (coupon redemption);
APK-Invest Corporation LLP - 17.92 million tenge (redemption within the framework of enforcement proceedings);
Kazakhstan Kagazy JSC - 127.9 million tenge (repayment within the framework of rehabilitation);
JSC Imstalkon - 105 million tenge (repayment within the framework of rehabilitation);
Ornek XXI JSC - 22 million tenge (repayment by third parties of part of the debt to the Fund);
“Combine of Building Materials and Structures-2” LLP - 29.05 million tenge (repayment within the framework of enforcement proceedings);
Astana Real Estate JSC - 45.11 million tenge (repayment within the framework of enforcement proceedings);
Atamaken-Agro JSC - 1.015 billion tenge (repayment according to the court decision).
In addition, according to the results of the claim work carried out in the current year to collect the debt of Atameken-Agro JSC, as of July 1, the debt of this issuer was repaid in full in the amount of 1,015,160,000 tenge.
At the same time, the UAPF is taking measures to initiate criminal proceedings in order to bring to justice those responsible for causing damage to pension assets.
So, today, with the participation of the Fund, criminal proceedings are underway against 12 issuers - JSC GLOTUR, JSC Imstalkon, JSC REMIX-R, JSC Rosa, JSC Mineral Resources of Central Asia, JSC HOMEBROKER ”, JSC“ Kazneftekhim ”, JSC“ Kazakhstan Kagazy ”, JSC“ Kazinvestbank ”, JSC“ Delta bank ”,“ LANDSBANKI ”, JSC“ Astana-Nedvizhimost ”.
It is worth noting that the pre-trial investigation against the former managers and shareholders of two issuers (Imstalkon JSC and REMIX-R JSC) has now been completed. The case materials were submitted to the court for consideration. Based on the results of the court hearings, the court will give an appropriate assessment of the actions of these persons. Also, in order to compensate for damage caused by a criminal offense, the Fund filed claims for compensation for this damage caused to the pension assets of the UAPF. This damage will also be compensated if convicted.
It is important to emphasize that a number of heads of these organizations evade the investigative bodies, and therefore, today the former head and shareholder of Imstalkon JSC Vladimir Kananykhin, the former chairman of the board of REMIX-R JSC Timur Bespayev, as well as the head and shareholder of Kazneftekhim JSC Edyl Kirishev. Their search has been going on for more than two years.